When the Minimum Wage Is Set Above the Equilibrium Market

question 3

Multiple Choice

When the minimum wage is set above the equilibrium market wage,

• A) there will be a shortage of labor at the minimum wage
• B) it will have no effect on the quantity of labor employed
• C) the unemployment rate will rise
• D) the quality of the labor force will increase
• E) the unemployment rate will fall

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Definitions:

Albino Allele

A variant form of a gene that can lead to albinism, a condition characterized by the absence of melanin pigment in the skin, hair, and eyes.

Probability

A measure of the likelihood that a specific event will occur.

Incomplete Dominance

A genetic phenomenon where the phenotype of the heterozygote is intermediate between both homozygote parents.

Heterozygote

An individual possessing two different alleles of a particular gene, one inherited from each parent.